The recent positive news about Elon Musk, the Dogecoin activist and technology billionaire, may have stirred investors and traders and assisted in pushing the exchange volumes of the universe’s first-ever meme coin.
The universe’s largest meme coin by market capitalization, Dogecoin got into the list of the top ten most traded digital assets by exchange volumes among Binance Smart Chain whales, those individuals or entities that have held large amounts of crypto assets in the past twenty-four hours.
The recent success of Dogecoin shortly arrived after news alleged that the court found Musk not guilty in the allegation of his Twitter about captivating Tesla private at 420 dollars a share.
The tweet was created about five years ago when the technology billionaire was thinking of taking Tesla private & publicizing his objectives to traders and investors in a tweet. Elon Musk, the technology billionaire, also announced that he intended that all current investors remain with Tesla even if it went private.
The Dogecoin activist claimed he would create a special-purpose fund allowing anyone to stay with Tesla. However, the United States Securities and Exchange Commission found the technology billionaire’s tweet overstated and ambiguous, particularly in the part where he pronounced the funding was protected.
Afterward, Elon Musk called the financial regulator names and even speculated that the administration worked for those who attempted to short the technology genius.
Finally, the technology billionaire ended up arriving at a settlement with the United States Securities and Exchange Commission, a part of which would see him step down from his role as the head of the board and pay twenty million dollars in fines.
Following the court proceedings, afterward, Elon Musk took to Twitter to show gratitude for the jury’s unanimous finding of innocence in the Tesla 420 takes private allegation.
Dogecoin Trading Volumes Over the Weekend
Following these events, Dogecoin increased by 3.47% and traded at 0.9481 dollars with a twenty-four exchange volume of 690.52 million dollars. The meme coin rallied over the weekend and surged to a value of 0.9953 dollars.
Although the price rally was cut short earlier today, the meme coin was trading down 4.16% at 0.09121 with a twenty-four-hour trading volume of 688,484,523, according to recent data from CoinMarketCap.
In January, the meme coin also increased after the news broke out that the chief twit holder told developers to construct the social media platform payments system with a design that would enable future integration of virtual digital asset functionality.
The information came from the FT (Financial Times), which stated that the technology genius has already established a small team to investigate the possibility of the social media platform pushing toward digital processing and payments that could include virtual digital assets.
What Next for DOGE
The team has started applying for authorization from federal and state regulators and is looking for international regulatory confirmation of the project. In addition, the social media platform has allegedly registered as a payment processor with the United States Treasury. It has begun applying for federal licenses required to roll out the project.
The social media platform intends to finalize the regulatory checks within a year and extend globally. As a result, the meme coin created as a joke is expected to break soon based on the sequence it is currently establishing.